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Bapcor's quest to wrestle control of Hellaby Holdings (HBY.NZ) has now received control from Deutsche Bank. With Bapcor having accumulated a controlling stake, the analysts suggest HBY shareholders should accept the offer given the risks associated with remaining a minority shareholder.

Deutsche Bank does not cover Bapcor. The stockbroker has now downgraded Hellaby to Sell.

Credit Suisse forecasts a full year FY17 dividend of 45.00 cents and EPS of 53.00 cents.At the last closing share price the estimated dividend yield is 4.23%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.08.

Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 56.00 cents and EPS of 66.00 cents.At the last closing share price the estimated dividend yield is 5.26%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.12.

Macquarie forecasts a full year FY17 dividend of 44.00 cents and EPS of 50.70 cents.At the last closing share price the estimated dividend yield is 4.14%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.99.

Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 49.00 cents and EPS of 55.30 cents.At the last closing share price the estimated dividend yield is 4.61%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.24.

Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 16.6.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgan Stanley rates BTT as Overweight (1) -

Morgan Stanley thought the reported quarterly inflows were "impressive", though they missed forecasts nevertheless. The analysts point the finger at lower margin channels. All remains well among higher margin retail flows.

Pleasingly, the analysts note JOHCM delivered retail flows in both UK/Europe and the US, despite a tough environment. They see a small headwind to earnings from lower FuM and performance fees. Overweight rating retained. Target $11.30.

Target price is $11.30 Current Price is $10.64 Difference: $0.66If BTT meets the Morgan Stanley target it will return approximately 6%(excluding dividends, fees and charges).

Morgan Stanley forecasts a full year FY17 dividend of 46.00 cents and EPS of 57.00 cents.At the last closing share price the estimated dividend yield is 4.32%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.67.

Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY18:

Morgan Stanley forecasts a full year FY18 dividend of 54.00 cents and EPS of 64.00 cents.At the last closing share price the estimated dividend yield is 5.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 16.63.

Current consensus DPS estimate is 52.6, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 16.6.

Market Sentiment: 0.0

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Morgans rates BTT as Hold (3) -

BT Investment's funds under management rose 3.6% in the Dec quarter, mostly through flows into JO Hambro. Performance fee generation was the lowest in four years, the broker notes, given only one of seven major funds materially outperformed its benchmark.

The broker sees the stock as fair value in the short term, and retains Hold. Longer term the broker sees scope for structural growth. Target down a cent to $10.65.

Target price is $10.65 Current Price is $10.64 Difference: $0.01If BTT meets the Morgans target it will return approximately 0%(excluding dividends, fees and charges).

Morgans forecasts a full year FY17 dividend of 44.00 cents and EPS of 51.00 cents.At the last closing share price the estimated dividend yield is 4.14%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 20.86.

Current consensus DPS estimate is 43.7, implying a prospective dividend yield of 4.1%.

Current consensus EPS estimate suggests the PER is 20.0.

Forecast for FY18:

Morgans forecasts a full year FY18 dividend of 51.00 cents and EPS of 60.00 cents.At the last closing share price the estimated dividend yield is 4.79%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 17.73.

Citi forecasts a full year FY17 dividend of 134.40 cents and EPS of 55.00 cents.At the last closing share price the estimated dividend yield is 11.44%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 21.36.

Current consensus DPS estimate is 90.6, implying a prospective dividend yield of 7.7%.

Current consensus EPS estimate suggests the PER is 20.8.

Forecast for FY18:

Citi forecasts a full year FY18 dividend of 53.00 cents and EPS of 59.20 cents.At the last closing share price the estimated dividend yield is 4.51%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.85.

Credit Suisse forecasts a full year FY17 dividend of 45.00 cents and EPS of 63.40 cents.At the last closing share price the estimated dividend yield is 5.00%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.20.

Current consensus DPS estimate is 45.0, implying a prospective dividend yield of 5.0%.

Current consensus EPS estimate suggests the PER is 15.8.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 46.00 cents and EPS of 62.50 cents.At the last closing share price the estimated dividend yield is 5.11%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 14.40.

The lifting of the Indonesian nickel export ban has come as a surprise to the broker, who notes recent government rhetoric has been to the contrary. Given the lift extends only to those producers who can demonstrate plans to develop downstream processing facilities, it is uncertain as to what the impact will be.

The broker has thus left nickel price forecasts unchanged for the time being, while noting substantial downside risk. Independence is downgraded to Neutral. Target falls to $4.40 from $5.00. Earnings forecasts unchanged for the time being.

Target price is $4.40 Current Price is $4.16 Difference: $0.24If IGO meets the Macquarie target it will return approximately 6%(excluding dividends, fees and charges).

Macquarie forecasts a full year FY17 dividend of 14.00 cents and EPS of 6.80 cents.At the last closing share price the estimated dividend yield is 3.37%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 61.18.

Current consensus DPS estimate is 4.8, implying a prospective dividend yield of 1.2%.

Current consensus EPS estimate suggests the PER is 34.2.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 13.00 cents and EPS of 30.30 cents.At the last closing share price the estimated dividend yield is 3.13%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 13.73.

Macquarie forecasts a full year FY17 dividend of 19.80 cents and EPS of 33.00 cents.At the last closing share price the estimated dividend yield is 2.57%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 23.33.

Current consensus DPS estimate is 17.8, implying a prospective dividend yield of 2.3%.

Current consensus EPS estimate suggests the PER is 24.0.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 23.70 cents and EPS of 40.60 cents.At the last closing share price the estimated dividend yield is 3.08%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.97.

Credit Suisse forecasts a full year FY17 dividend of 77.00 cents and EPS of 108.00 cents.At the last closing share price the estimated dividend yield is 3.63%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 19.62.

Current consensus DPS estimate is 78.0, implying a prospective dividend yield of 3.7%.

Current consensus EPS estimate suggests the PER is 19.5.

Forecast for FY18:

Credit Suisse forecasts a full year FY18 dividend of 81.00 cents and EPS of 116.00 cents.At the last closing share price the estimated dividend yield is 3.82%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 18.27.

The lifting of the Indonesian nickel export ban has come as a surprise to the broker, who notes recent government rhetoric has been to the contrary. Given the lift extends only to those producers who can demonstrate plans to develop downstream processing facilities, it is uncertain as to what the impact will be.

The broker has thus left nickel price forecasts unchanged for the time being, while noting substantial downside risk. Western Areas is downgraded to Neutral. Target falls to $3.00 from $3.60. Earnings forecasts unchanged for the time being.

Target price is $3.00 Current Price is $2.65 Difference: $0.35If WSA meets the Macquarie target it will return approximately 13%(excluding dividends, fees and charges).

Macquarie forecasts a full year FY17 dividend of 4.00 cents and EPS of 17.40 cents.At the last closing share price the estimated dividend yield is 1.51%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.23.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 2.0, implying annual growth of N/A.

Current consensus DPS estimate is 0.9, implying a prospective dividend yield of 0.3%.

Current consensus EPS estimate suggests the PER is 135.5.

Forecast for FY18:

Macquarie forecasts a full year FY18 dividend of 8.00 cents and EPS of 24.20 cents.At the last closing share price the estimated dividend yield is 3.02%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.95.

RATING SUMMARY

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